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Economy of Myanmar vs Solomon Islands compared: GDP & Debt

Updated on by Georank team

Myanmar has a GDP of $74.1B compared to $1.76B for the Solomon Islands, ranking 85/197 and 182/197 by economy size, respectively.

Myanmar has $45.4B in government debt (62.6% of GDP), compared to $388M (23.7% of GDP) in the Solomon Islands.

The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.

Myanmar
GDP, current $

GDP, constant 2015 $
Solomon Islands
GDP, current $

GDP, constant 2015 $
Year GDP
Myanmar Solomon Islands
Current $ Constant $ Current $ Constant $
1960 $545,098,448 $2,819,978,877 - -
1961 $605,581,577 $2,833,276,800 - -
1962 $634,528,872 $2,949,069,211 - -
1963 $598,998,419 $3,342,749,158 - -
1964 $411,419,906 $3,145,726,893 - -
1965 $367,053,117 $3,482,088,444 - -
1966 $293,103,479 $3,313,145,218 - -
1967 $420,359,036 $3,116,832,787 $25,203,524 -
1968 $559,956,130 $3,492,702,256 $28,084,253 -
1969 $571,854,215 $3,607,672,972 $28,606,411 -
1970 $563,555,631 $3,787,310,936 - -
1971 $587,448,405 $3,943,725,456 $50,056,883 -
1972 $662,213,083 $4,039,788,352 $40,606,712 -
1973 $719,754,655 $4,000,678,162 $55,272,109 -
1974 $1,225,589,878 $4,214,409,420 $84,539,332 -
1975 $1,061,107,354 $4,389,421,587 $74,620,320 -
1976 $1,204,699,849 $4,656,315,812 $83,100,834 -
1977 $873,579,932 $4,933,473,074 $93,145,283 -
1978 $935,408,775 $5,255,027,822 $111,027,427 -
1979 $952,265,043 $5,528,356,401 $151,276,496 -
1980 $1,038,225,167 $5,967,227,079 $182,852,107 $526,656,506
1981 $1,111,000,765 $6,346,489,388 $193,750,541 $517,192,386
1982 $1,481,165,468 $6,702,138,811 $192,902,019 $508,557,520
1983 $1,381,573,615 $6,996,435,938 $181,220,399 $528,343,417
1984 $1,304,063,253 $7,341,551,094 $181,570,474 $529,242,659
1985 $1,478,908,173 $7,550,858,733 $165,524,943 $512,665,070
1986 $1,582,873,750 $7,471,019,822 $147,620,048 $511,632,408
1987 $1,562,448,077 $7,171,758,277 $155,128,542 $554,718,560
1988 $1,541,088,312 $6,357,588,760 $176,494,394 $561,653,631
1989 $2,013,448,229 $6,592,520,573 $172,882,411 $585,603,984
1990 $2,115,193,513 $6,778,227,479 $214,877,667 $598,487,271
1991 $2,069,832,687 $6,734,127,185 $227,540,473 $634,396,517
1992 $2,411,552,289 $7,384,707,337 $269,034,596 $714,964,863
1993 $3,163,020,035 $7,830,700,107 $300,746,361 $743,563,455
1994 $4,432,257,174 $8,416,276,600 $402,837,005 $803,792,104
1995 $5,289,174,943 $9,001,043,827 $469,443,202 $884,883,597
1996 $6,123,556,717 $9,580,955,459 $510,586,430 $899,129,406
1997 $4,722,288,496 $10,122,431,106 $526,554,006 $890,910,669
1998 $6,459,461,639 $10,716,234,491 $457,579,840 $902,416,890
1999 $8,486,832,801 $11,889,140,285 $488,024,514 $898,033,573
2000 $8,905,066,164 $13,523,413,252 $419,842,674 $769,821,324
2001 $6,477,790,688 $15,057,508,855 $409,508,553 $708,569,673
2002 $6,777,632,512 $16,868,251,605 $346,406,739 $688,729,844
2003 $10,467,109,978 $19,203,491,833 $417,668,983 $733,658,907
2004 $10,567,354,056 $21,808,380,519 $468,005,319 $790,028,121
2005 $11,986,972,419 $24,767,548,772 $552,864,570 $848,157,142
2006 $14,502,553,710 $28,006,178,558 $617,258,154 $883,256,262
2007 $20,182,477,481 $31,364,521,323 $695,295,348 $915,403,897
2008 $31,862,554,102 $34,581,048,770 $776,337,692 $972,396,664
2009 $36,906,181,381 $38,229,352,561 $805,557,563 $1,000,248,710
2010 $49,540,813,342 $41,912,536,386 $898,133,685 $1,097,356,737
2011 $59,977,326,086 $44,256,068,473 $1,063,895,361 $1,178,889,790
2012 $59,937,796,648 $47,501,220,127 $1,185,215,418 $1,207,961,229
2013 $60,269,732,855 $51,503,673,421 $1,285,911,586 $1,271,231,099
2014 $65,531,374,200 $55,711,475,876 $1,335,571,421 $1,286,348,802
2015 $59,607,290,408 $59,607,290,408 $1,307,909,888 $1,307,909,888
2016 $63,298,361,996 $63,101,751,663 $1,379,490,304 $1,380,560,771
2017 $66,053,040,483 $66,973,743,449 $1,469,789,119 $1,423,017,819
2018 $67,860,515,990 $71,172,235,146 $1,615,478,393 $1,462,093,823
2019 $75,065,106,228 $75,854,734,834 $1,619,155,017 $1,487,659,507
2020 $79,006,113,643 $68,991,135,074 $1,536,145,814 $1,437,359,544
2021 $66,345,291,160 $60,700,903,303 $1,522,794,913 $1,474,218,470
2022 $62,253,049,892 $63,151,698,289 $1,566,360,686 $1,509,636,295
2023 $66,757,619,000 $63,756,973,610 $1,660,896,531 $1,549,737,698
2024 $74,079,772,652 $63,137,226,235 $1,760,767,447 $1,589,090,837

Economic indicators

Myanmar Solomon Islands
Gross domestic product
$74.1B
2024
$1.76B
2024
GDP rank
85/197
2024
182/197
2024
GDP growth
11%
2023-2024
6.01%
2023-2024
GDP per capita
$1,359
2024
$2,149
2024
GDP per capita rank
165/197
2024
153/197
2024
GDP per capita, PPP
$5,997
2024
$2,872
2024
Government debt
$45.4B
2024
$388M
2024
Debt-to-GDP ratio
62.6%
2025
23.7%
2025
Government debt per person
$833
2024
$473
2024
Government debt per person rank
146/185
2024
169/185
2024
Average annual personal income after taxes
$1,798
2025
$2,069
2025
Income share by richest 10%
25.5%
2017
29.2%
2012
Income share by poorest 10%
3.8%
2017
2.8%
2012
Government expenditure, % of GDP
21.9%
2025
35.7%
2025
Consumer prices inflation
8.83%
2018-2019
4.32%
2023-2024
Unemployment rate
1.48%
2020
0.69%
2013
Population
55119090
854419

GDP per capita in Myanmar vs Solomon Islands

Myanmar's GDP per capita is $1,359, ranking 165/197, compared to $2,149 in the Solomon Islands, ranking 153/197. Adjusted for purchasing power (GDP per capita PPP), Myanmar ranks 153rd at $5,997, while the Solomon Islands ranks 183rd at $2,872.

Myanmar
GDP per capita

GDP per capita, PPP
Solomon Islands
GDP per capita

GDP per capita, PPP
Year Current $
Myanmar Solomon Islands
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1960 $25.1 - - -
1961 $27.3 - - -
1962 $27.9 - - -
1963 $25.8 - - -
1964 $17.3 - - -
1965 $15.1 - - -
1966 $11.8 - - -
1967 $16.5 - $153.5 -
1968 $21.5 - $166.9 -
1969 $21.5 - $165.9 -
1970 $20.7 - $162 -
1971 $21.1 - $277.1 -
1972 $23.3 - $219.5 -
1973 $24.8 - $291.3 -
1974 $41.4 - $433 -
1975 $35.2 - $372 -
1976 $39.2 - $401 -
1977 $27.9 - $434 -
1978 $29.3 - $500 -
1979 $29.2 - $658 -
1980 $31.2 - $768 -
1981 $32.8 - $786 -
1982 $43 - $756 -
1983 $39.3 - $686 -
1984 $36.3 - $665 -
1985 $40.4 - $586 -
1986 $42.4 - $506 -
1987 $41.1 - $515 -
1988 $39.9 - $567 -
1989 $51.3 - $538 -
1990 $53.1 $441 $648 $1,266
1991 $51.2 $447 $666 $1,346
1992 $58.9 $494 $764 $1,505
1993 $76.2 $529 $829 $1,556
1994 $105.4 $573 $1,078 $1,668
1995 $124.1 $618 $1,220 $1,821
1996 $141.9 $661 $1,289 $1,830
1997 $108 $702 $1,292 $1,793
1998 $146 $742 $1,092 $1,785
1999 $189.5 $825 $1,134 $1,754
2000 $196.6 $949 $953 $1,503
2001 $141.5 $1,069 $912 $1,387
2002 $146.6 $1,204 $757 $1,344
2003 $224.3 $1,385 $896 $1,433
2004 $224.5 $1,601 $986 $1,556
2005 $252.7 $1,860 $1,144 $1,693
2006 $303 $2,153 $1,256 $1,786
2007 $419 $2,459 $1,390 $1,869
2008 $658 $2,748 $1,526 $1,989
2009 $758 $3,040 $1,555 $2,021
2010 $1,011 $3,348 $1,685 $2,182
2011 $1,214 $3,579 $1,924 $2,306
2012 $1,203 $3,845 $2,066 $2,320
2013 $1,199 $4,144 $2,161 $2,394
2014 $1,293 $4,376 $2,165 $2,377
2015 $1,167 $4,459 $2,045 $2,354
2016 $1,229 $4,460 $2,083 $2,421
2017 $1,273 $4,706 $2,144 $2,454
2018 $1,298 $5,581 $2,278 $2,494
2019 $1,426 $6,101 $2,224 $2,512
2020 $1,490 $5,741 $2,063 $2,405
2021 $1,243 $5,178 $1,997 $2,518
2022 $1,158 $5,732 $2,005 $2,697
2023 $1,233 $5,953 $2,076 $2,801
2024 $1,359 $5,997 $2,149 $2,872

Spending and national debt comparison

In 2024, Myanmar's government spending was $15.2B, accounting for 21.9% of its GDP, while the Solomon Islands' spent $630M, or 35.7% of GDP.

Debt-to-GDP ratio is 62.6% in Myanmar and 23.7% in the Solomon Islands, ranking 73/185 and 171/185, respectively.

Myanmar
Government spending

Government debt
Solomon Islands
Government spending

Government debt
Year % of GDP
Myanmar Solomon Islands
Government spending Government debt Government spending Government debt
1990 - - 30% -
1991 - - 39.4% -
1992 - - 35.1% -
1993 - - 33.2% -
1994 - - 30.2% -
1995 - - 24.7% -
1996 - - 24.2% -
1997 - - 19.3% 25.9%
1998 25.2% 225.7% 15.5% 39.5%
1999 22.8% 163.1% 18.7% 42%
2000 21.4% 178% 18.7% 44.3%
2001 19.1% 283.5% 18.1% 52.8%
2002 15.3% 206.3% 16.7% 65.7%
2003 14.3% 158% 14.9% 61.3%
2004 14.6% 137% 14.7% 58.2%
2005 14.6% 128.7% 17% 44.7%
2006 15.6% 111.5% 19.9% 42.3%
2007 15.7% 83.7% 23.7% 33%
2008 14.4% 64.7% 27% 28.9%
2009 14.4% 61% 24.8% 18.9%
2010 15.8% 58.8% 23.9% 22.9%
2011 15.6% 54% 27% 18.3%
2012 20% 51.9% 29.4% 13.3%
2013 23.9% 48.5% 41.8% 11.6%
2014 24.7% 37.3% 39.8% 10.1%
2015 23.7% 38.4% 41.5% 7.88%
2016 21.3% 35.7% 39.6% 7.54%
2017 19.7% 41.9% 40.4% 8.77%
2018 18.7% 38.7% 34.8% 7.95%
2019 20.5% 38.3% 35.6% 7.82%
2020 21.2% 48.7% 40.4% 12.8%
2021 20.6% 59.2% 37.8% 15.9%
2022 21.2% 55.6% 40.8% 15.5%
2023 21.2% 57.9% 40.1% 20.3%
2024 20.5% 61.3% 35.8% 22%
2025 21.9% 62.6% 35.7% 23.7%

Government deficit by year

In 2024, Myanmar's government deficit, the difference between spending and revenue, was -$3.94B, equivalent to -5.32% of GDP. This compares to the Solomon Islands' deficit of -$54.3M, or -3.08% of GDP.

Over the past 27 years, Myanmar recorded a fiscal deficit in 27 of those years, while the Solomon Islands ran a deficit in 12 years. On average, Myanmar posted an annual deficit equal to -3.96% of GDP, compared to surplus of +2.68% of GDP for the Solomon Islands.

Deficit/surplus
Myanmar

Solomon Islands
Year Deficit/surplus, % of GDP
Myanmar Solomon Islands
1990 - 0.58%
1991 - 0.14%
1992 - 4.13%
1993 - 2.45%
1994 - 4.33%
1995 - 3.19%
1996 - 3.73%
1997 - 2.14%
1998 -4.89% 5.04%
1999 -4.46% -0.32%
2000 -6.03% -2.93%
2001 -6.34% -2.4%
2002 -4.01% -4.35%
2003 -4.24% 10.6%
2004 -4.62% 17%
2005 -3.49% 13.4%
2006 -3.42% 13%
2007 -3.52% 15.3%
2008 -2.73% 1.94%
2009 -3.55% 2.35%
2010 -5.4% 6.02%
2011 -4.82% 6.22%
2012 -2.7% 4.63%
2013 -1.53% 3.57%
2014 -1.06% 2.13%
2015 -4.33% 0.81%
2016 -2.53% -3.56%
2017 -3.42% -2.27%
2018 -2.77% 1.49%
2019 -4.7% -1.52%
2020 -6.56% -2.44%
2021 -2.53% -1.86%
2022 -2.78% -2.51%
2023 -5.22% -3.81%
2024 -5.32% -3.08%
2025 -5.71% -3.15%

Inflation comparison by year

Over the past 24 years, Myanmar has recorded an average annual inflation rate of 16.2%, compared with 6.76% in the Solomon Islands. In 2019, inflation was 8.83% in Myanmar and 4.32% in the Solomon Islands.

Inflation
Myanmar

Solomon Islands
Year Inflation
Myanmar Solomon Islands Myanmar Solomon Islands
1996 16.3% 11.8%
1997 29.7% 8.08%
1998 51.5% 12.4%
1999 18.4% 8.02%
2000 -0.11% 7.89%
2001 21.1% 6.93%
2002 57.1% 10.9%
2003 36.6% 8.27%
2004 4.53% 6.99%
2005 9.37% 7.33%
2006 20% 11.2%
2007 35% 7.67%
2008 26.8% 17.3%
2009 1.47% 7.09%
2010 7.72% 1.05%
2011 5.02% 7.34%
2012 1.47% 5.91%
2013 5.64% 5.39%
2014 4.95% 5.17%
2015 9.45% -0.57%
2016 6.93% 0.51%
2017 4.57% 0.49%
2018 6.87% 3.46%
2019 8.83% 1.63%
2020 - 2.96%
2021 - -0.12%
2022 - 5.52%
2023 - 5.89%
2024 - 4.32%

Top exports between countries

Myanmar
Export category Export value
Processed food, beverages & tobacco $343K
Raw agricultural goods $16K
Textiles & consumer goods $1K
Solomon Islands
Export category Export value

Balance of trade

Myanmar Solomon Islands
Current account balance
$67.7M
2019
-$66.2M
2024
Current account balance ranking
70/189
2019
83/189
2024
Current account balance, % of GDP
+0.09%
2019
-3.76%
2024
Goods imports
$13.7B
2019
$609M
2024
Goods exports
$10.8B
2019
$510M
2024
Service imports
$3.66B
2019
$248M
2024
Service exports
$6.68B
2019
$133M
2024
Imports of goods and services, % of GDP n/a
51.7%
2022
Exports of goods and services, % of GDP
24.3%
2025
26.3%
2022

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Myanmar Solomon Islands
Economic freedom 43.7 56.3
Economic freedom ranking 182/197 121/197
Property rights 17.3 48.2
Government integrity 18.7 42
Judicial effectiveness 4.2 61.9
Tax burden 88.6 70.6
Government spending 84 70.2
Fiscal health 39.9 95.3
Business freedom 39.9 50.1
Labor freedom 53.2 60.5
Monetary freedom 59.7 76.2
Trade freedom 68.6 55.4
Investment freedom 30 15
Financial freedom 20 30

Economic freedom by year comparison

The Economic Freedom Index for Myanmar is 43.7, ranking 182/197, compared to 56.3 for the Solomon Islands, ranking 121/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Myanmar
Solomon Islands
Year Economic freedom index
Myanmar Solomon Islands
1996 45.1 -
1997 45.4 -
1998 45.7 -
1999 46.4 -
2000 47.9 -
2001 46.1 -
2002 45.5 -
2003 44.9 -
2004 43.6 -
2005 40.5 -
2006 40 -
2007 41 -
2008 39.5 -
2009 37.7 46
2010 36.7 42.9
2011 37.8 45.9
2012 38.7 46.2
2013 39.2 45
2014 46.5 46.2
2015 46.9 47
2016 48.7 47
2017 52.5 55
2018 53.9 57.5
2019 53.6 54.6
2020 54 52.9
2021 55.2 56.5
2022 49.6 56.5
2023 46.5 56.9
2024 42.2 55
2025 43.7 56.3

More economic indicators

Myanmar Solomon Islands
Services, % of GDP
41.4%
2024
47.3%
2022
Industry, % of GDP
37.8%
2024
18.7%
2022
Agriculture, forestry, and fishing, % of GDP
20.8%
2024
33.8%
2022
GNI, Atlas method
$66.3B
2024
$1.71B
2024
GNI per capita, PPP
$5,920
2024
$2,880
2024
Total reserves including gold
$9.34B
2023
$688M
2023
Total reserves ranking
81/177
2023
149/177
2023
Net foreign direct investment
-$1.74B
2019
$19.9M
2024
Net inflows of foreign direct investment
$1.1B
2024
$33M
2024
Net outflows of foreign direct investment
$0
1989
$52.9M
2024
Servicing debt to the IMF, % of GNI
1.39%
2023
1.77%
2023
Poverty at national poverty lines
24.8%
2017
12.7%
2012
Gross capital formation, % of GDP
n/a
23.4%
2022

GDP per capita map

GDP per capita

Compare countries by 7 more topics

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The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.